Stock On Watch: Can Old Dominion Freight Line’s Tomorrow be Different? The Stock Just Broke Its High

November 11, 2016November 11, 2016Nellie Frank

The stock of Old Dominion Freight Line (NASDAQ:ODFL) hit a new 52-week high and has $111.64 target or 36.00% above today’s $82.09 share price. The 7 months bullish chart indicates low risk for the $7.08 billion company. The 1-year high was reported on Nov, 11 by Barchart.com. If the $111.64 price target is reached, the company will be worth $2.55B more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 1.32M shares traded hands or 89.16% up from the average. Old Dominion Freight Line (NASDAQ:ODFL) has risen 19.68% since April 11, 2016 and is uptrending. It has outperformed by 13.53% the S&P500.

Old Dominion Freight Line (NASDAQ:ODFL) Ratings Coverage

Out of 8 analysts covering Old Dominion Freight Line (NASDAQ:ODFL), 2 rate it a “Buy”, 1 “Sell”, while 5 “Hold”. This means 25% are positive. Old Dominion Freight Line has been the topic of 17 analyst reports since August 3, 2015 according to StockzIntelligence Inc. The rating was downgraded by Bank of America on Friday, October 28 to “Underperform”. On Friday, October 2 the stock rating was initiated by Bank of America with “Buy”. As per Wednesday, September 23, the company rating was maintained by RBC Capital Markets. RBC Capital Markets downgraded the shares of ODFL in a report on Thursday, January 7 to “Sector Perform” rating. The firm has “Hold” rating given on Thursday, April 28 by Stifel Nicolaus. The company was maintained on Friday, April 29 by Cowen & Co. Deutsche Bank maintained the stock with “Hold” rating in Friday, July 31 report. Citigroup downgraded the shares of ODFL in a report on Wednesday, October 7 to “Neutral” rating. Deutsche Bank initiated Old Dominion Freight Line (NASDAQ:ODFL) on Wednesday, November 2 with “Buy” rating. Cowen & Co maintained the shares of ODFL in a report on Friday, July 31 with “Market Perform” rating.

According to Zacks Investment Research, “Old Dominion Freight Line, Inc. is an inter-regional and multi-regional motor carrier transporting primarily less-than-truckload shipments of general commodities, including consumer goods, textiles and capital goods to a diversified customer base.”

Insitutional Activity: The institutional sentiment decreased to 0.79 in Q2 2016. Its down 0.10, from 0.89 in 2016Q1. The ratio dropped, as 37 funds sold all Old Dominion Freight Line shares owned while 105 reduced positions. 35 funds bought stakes while 77 increased positions. They now own 58.93 million shares or 6.44% less from 62.99 million shares in 2016Q1.
Burney Communication last reported 0.05% of its portfolio in the stock. Fuller And Thaler Asset Mgmt last reported 1,800 shares in the company. Moreover, Putnam Fl Investment has 0.07% invested in Old Dominion Freight Line (NASDAQ:ODFL) for 9,761 shares. Walleye Trading owns 2,492 shares or 0% of their US portfolio. State Treasurer State Of Michigan holds 0.01% or 27,500 shares in its portfolio. Marshall Wace Limited Liability Partnership last reported 0.05% of its portfolio in the stock. Waverton Management Ltd owns 75,056 shares or 0.34% of their US portfolio. Eagle Asset Management has invested 0.09% of its portfolio in Old Dominion Freight Line (NASDAQ:ODFL). Ibm Retirement Fund holds 6,816 shares or 0.01% of its portfolio. Department Mb Fincl Bank N A reported 253 shares or 0% of all its holdings. Catalyst Capital Advisors Limited Liability Corporation accumulated 0.01% or 500 shares. Neuberger Berman Limited Co last reported 0.02% of its portfolio in the stock. The Pennsylvania-based Nationwide Fund Advsrs has invested 0.05% in Old Dominion Freight Line (NASDAQ:ODFL). Capital Glob Investors has 0.14% invested in the company for 6.63 million shares. The Texas-based Ranger Lp has invested 0.14% in Old Dominion Freight Line (NASDAQ:ODFL).

Insider Transactions: Since June 16, 2016, the stock had 0 buys, and 11 selling transactions for $13.15 million net activity. CONGDON JEFFREY W sold $1.49M worth of Old Dominion Freight Line (NASDAQ:ODFL) on Thursday, August 11. CONGDON JOHN R JR also sold $269,306 worth of Old Dominion Freight Line (NASDAQ:ODFL) on Monday, August 8. 1,660 shares were sold by CONGDON DAVID S, worth $115,818 on Thursday, June 16.

More notable recent Old Dominion Freight Line (NASDAQ:ODFL) news were published by: Forbes.com which released: “Old Dominion Freight Line Reaches Analyst Target Price” on August 31, 2016, also Reuters.com with their article: “BRIEF-Old Dominion Freight Line Q3 earnings per share $1.03” published on October 27, 2016, Prnewswire.com published: “Old Dominion Freight Line’s Third Quarter 2016 Conference Call On The Internet” on October 06, 2016. More interesting news about Old Dominion Freight Line (NASDAQ:ODFL) were released by: Prnewswire.com and their article: “Old Dominion Freight Line’s Second Quarter 2016 Conference Call On The Internet” published on July 07, 2016 as well as Nasdaq.com‘s news article titled: “Old Dominion Freight Line Q3 Profit Rises 1%” with publication date: October 27, 2016.

ODFL Company Profile

Old Dominion Freight Line, Inc., incorporated on March 22, 1999, is a less-than-truckload (LTL), union-free motor carrier company. The Firm provides regional, inter-regional and national LTL services, which include ground and air expedited transportation, and consumer household pickup and delivery. The Firm offers a range of other services that include container drayage, truckload brokerage, supply chain consulting and warehousing.